Economic Impacts 

In 2008

we paid more than $1.5

 

billion in salaries, wages and

 

benefits globally.

 

 

our global supplier relationships included more than 6,000

 

suppliers in countries around the world.

One of Timken’s most important global citizenship contributions involves our direct and indirect economic impacts.  Despite a challenging economic climate in 2008, Timken achieved records in numerous financial measures, including sales, earnings and cash flow. Still, we were not immune to the crisis that weakened investor confidence and affected our stock price. Our multiyear business strategy to reposition the company for more diversified, profitable growth is focused on the long-term success of the company.  Please see Timken’s 2008 Annual Report for more detail.

Direct Impacts

 

The direct impact of our operations comes from financial transactions, such as company revenues, employee wages and benefits, purchases and taxes. In 2008, we paid more than $1.5 billion in salaries, wages and benefits globally.

 

 

 

Indirect Impacts


Timken’s indirect impact on the economy has a much broader reach, including increased productivity and money saved by customers who use Timken’s products. Our associates, contractors and suppliers make purchases and investments with their income from Timken that support local housing, food and entertainment industries and more. Further, Timken’s research, manufacturing, distribution, sales and other operations create tens of thousands of jobs for suppliers, contractors and ancillary services. In 2008, our global supplier relationships included more than 6,000 suppliers in countries around the world.

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